SNAP Q2 2025 Earnings

Call Details

• Call Title: Snap Q2 2025 Earnings Call
• Date: August 5, 2025 at 9:00 PM UTC
• Management Team:
  • Evan Spiegel (Chief Executive Officer)
  • Derek Andersen (Chief Financial Officer)
  • David Ometer (Head of Investor Relations)

Call Summary

Financial Performance

• Monthly active users reached 932 million in Q2, up 64 million or 7% year over year.
• Daily active users reached 469 million in Q2, up 37 million or 9% year over year.
• Total revenue was $1.345B in Q2, up 9% year over year.
• Advertising revenue was $1.174B in Q2, up 4% year over year, while other revenue was $171M in Q2, up 64% year over year.
• Total impressions grew 15% year over year, while average eCPM declined 10% year over year.
• Adjusted cost of revenue was $650M in Q2, up 11% year over year, with infrastructure cost per DAU at $0.84 in Q2.
• Adjusted operating expenses were $654M in Q2, up 10% year over year, driven by a 10% year over year increase in full-time headcount.
• Adjusted EBITDA was $41M in Q2 compared to $55M in Q2 of the prior year, and net loss was $263M compared to $249M in Q2 of the prior year.

Guidance

• Snap expects Q3 DAU of approximately 476 million.
• The Q3 revenue guidance range is $1.475B to $1.505B.
• Infrastructure cost per DAU full year guidance is $0.82 to $0.87 per quarter and Snap expects to be in the top half of this range in Q3.
• All other costs of revenue full year guidance is maintained at 19% to 20% of revenue.
• Full year adjusted operating expenses guidance is maintained at $2.65B to $2.7B.
• Full year stock-based compensation guidance was lowered from $1.13B-$1.16B to $1.1B-$1.13B, implying a $30M reduction at the midpoint.
• Snap estimates Q3 adjusted EBITDA to be between $110M and $135M.